The Swiss franc fell against majors after Swiss National Bank (SNB) President Philipp Hildebrand mentioned the bank will adopt all effective measures to halt the franc's appreciation.

The SNB is struggling to lower the franc which is strongly demanded by investors as a refuge amid the jitters stemming from warnings by rating agencies that the U.S.'s top credit rating is still at risk, slowdown in global growth and the spread of debt contagion to large euro area economies, specifically Italy and Spain.

On Wednesday, the SNB unexpectedly cut the three-month Libor interbank rate to a range between 0.00-0.25 percent compared with the prior 0.00-0.75 percent range. Also, it said it would increase the supply of francs in the market over the next few days and pledged to use further measures if necessary.

Thus, the franc is expected to weaken in the coming period with the strong intention of the Swiss bank to stall the franc's advance that hurt Swiss exporters.

Concerning the EUR/CHF pair, it soared to trade around 1.0853, recording a high of 1.0927 a low of 1.0708.

Still, there are debt woes in the euro area in spite of the announced special liquidity operation to stem the tensions in European markets, as Italian and Spanish bond yields are still climbing to record high versus German bunds.

In addition, a report released today from Germany showed that industrial production fell 1.1% in June from the revised 0.9% advance.

Moreover, the dollar dropped against a basket of major currencies before the release of the awaited non-farm payrolls report. Expectations refer that there will be a rise in added jobs to 85,000 in July from the previous 18,000 while unemployment will linger at 9.2%.

Concerning the USD/JPY pair, it plunged on the daily basis, reversing yesterday's sharp rise when the BoJ intervened in FX market through selling yen, to trade at 78.44 after touching a high of 79.41 and a low of 78.30.

The trading range for today is among key support at 76.40 and key resistance now at 81.45.

Moving to the British pound versus the dollar, it rose to 1.6290, paring some of yesterday's drop.

A repot released today from the U.K. showed that producer prices surged 5.9% in the year ending July, the fastest since October 2008, adding more pressure on policy makers to raise interest rate.

So far, the pair has recorded a high of 1.6304 while the lowest level was depicted at 1.6227, whereas the trading range for today is among key support at 1.5935 and key resistance at 1.6550.